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Intelligent Finance ISA Now 4.55% (wef 5/9/05)
YorkshireBoy
Posts: 31,541 Forumite
https://www.moneyfacts.co.uk is reporting that the IF ISA interest rate is to be reduced from 5% to 4.55% wef Monday 5th September.
This is a MASSIVE cut of 0.45% when the recent BOE base rate reduction was only 0.25%.
Compared with the Halifax's own brand ISA at 5% AFTER the adjustment (and the recent IF CC chip and pin issues), it looks like Halifax are trying to phase out Intelligent Finance altogether.
What's worse is that customers have not been notified in advance of the change. Now what's the point in providing an e-mail address if they're not going to use it?
By contrast, ING Direct was slammed for reducing their rates recently but at least they gave us 14 days notice (giving time to move if we wanted), and have promised not to make a second cut following last months BOE move.
This is a MASSIVE cut of 0.45% when the recent BOE base rate reduction was only 0.25%.
Compared with the Halifax's own brand ISA at 5% AFTER the adjustment (and the recent IF CC chip and pin issues), it looks like Halifax are trying to phase out Intelligent Finance altogether.
What's worse is that customers have not been notified in advance of the change. Now what's the point in providing an e-mail address if they're not going to use it?
By contrast, ING Direct was slammed for reducing their rates recently but at least they gave us 14 days notice (giving time to move if we wanted), and have promised not to make a second cut following last months BOE move.
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Comments
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Yes, I just saw on the This is Money website that IF had reduced their ISA rate. Outrageous! So where do we move the money to? Yorkshire E-ISA?0
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Here's the press release.
http://www.if.com/aboutus/media/press/02092005.asp
Anyone know about their TOISA?
I presume the rate is 4.55% also, but it's difficult to find information on it.0 -
Is anyone paying 5% preferably online?0
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hansi wrote:Is anyone paying 5% preferably online?
It seems that there is only Halifax, Bank Of Scotland, and Bradford & Bingley (not sure if their rate cut is still to come though?). Check out the following...YorkshireBoy wrote:Compared with the Halifax's own brand ISA at 5% AFTER the adjustment...
http://www.moneyfacts.co.uk/savings/search/savingsearch.asp?noFixedTerm=1&inetaccess=1&investment=3000¬icedays=30&instantAccess=1&age=0&accounttype=30 -
lisyloo wrote:Here's the press release.
http://www.if.com/aboutus/media/press/02092005.asp
Anyone know about their TOISA?
I presume the rate is 4.55% also, but it's difficult to find information on it.
The DSA has also gone to 4.5%. I have now transferred the total balance to the IF current account and set up a withdrawal for Monday - half to my FD e-saver paying 5.0% and half to my "introductory" cahoot account paying 5.3%.
Now to find a decent home for my ISA then it is goodbye IF.
Two years ago I had the works:
Offset Mortgage (moved to First Direct)
Credit Card (reissued as a 9 month 0% stooze which will then be closed)
Current Account (Rate now derisory as doesn't get the savings rate)
Savings Account (Mediochre)
Soon I will have none.
I wonder if it is a deliberate HBOS policy to devalue IF?0 -
It seems really odd. The whole point of IF was that it was an internet bank and therefore, by its lack of overheads, should have better rates, lower charges etc. The thing that I never understood was that all the online banks (IF, smile, cahoot) etc (maybe not egg?) where just subsidiaries of normal banks (halifax, co-op, abbey for those 3), and so that very setup would be quite costly IMO.
Anyway I've just started the transfer from IF to Halifax, should be worth about £60 a year to me.0 -
Mine should be abut £72 a year.0
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lisyloo wrote:Anyone know about their TOISA?
I presume the rate is 4.55% also, but it's difficult to find information on it.
Yes - on a leaflet I got yesterday with the new rates - in the small print...
"All TESSA-Only ISA funds have been treated as ISA subscriptions since 6 April 2005. Mini Cash ISA rates apply."
Seems IF has gone downhill somewhat since they changed their slogan from "The way all banks should be" to "Till money grows on trees"...
I don't know about trees, but it seems my money will grow quicker elsewhere! Perhaps I should start using the Cahoot current account I'm utilising the £250 interest free overdraft on as my main account and bank with them instead... the offset banking isn't what it used to be (I quite enjoyed getting 8.9% credit interest while I had my loan!)The only computer error is a human one.0
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